Let’s Talk Medicare Supplement

In Florida, over 5 million residents (or approximately 1 in 5) are 65 or older. As the Baby Boomer generation reaches retirement, the future of Medicare has become a topic of debate. Medicare Advantage plans are gaining popularity over Medicare Supplement plans, and many advertisements during evening news programs promote Advantage plans. Fair Square Medicare can be your way to cut through the noise and find your best fit plan.

The problem in advantage plans

There has been increased scrutiny surrounding these plans due to widespread fraud involving billions of dollars. Although Fair Square doesn't view Medicare Advantage plans as inherently negative, they are frequently misperceived. In Florida, there are many great Medicare Advantage plans available, so consider them. However, for many of our clients, we recommend a Medicare Supplement plan instead. To assist new Medicare beneficiaries in finding the best Medicare Supplement plans in the Sunshine State, we have created a simple shopping process. If you’re interested in learning more about Medicare Supplement in Florida, check out this page.

Plan G: The way to go

For those eligible for Medicare after 2020, Medicare Supplement Plan G provides the best network along with the most extensive coverage. Some Medicare Advantage plans may claim to be cheaper than Medicare Supplement plans based on monthly premiums. While many Advantage plans offer no added monthly premiums, Plan G saves you more money in the long run. As healthcare costs rise with age, you may end up paying more for the same procedures on an Advantage plan than you would on Plan G.

Another advantage of choosing a Medicare Supplement plan is its superior network. The network coverage of your Medicare Advantage plan can vary based on the plan you select. For example, while an HMO plan may have low monthly premiums, it also has the most limited network, and you may have to pay out-of-pocket if you see a doctor outside of the network. PPO plans offer some flexibility, but they still require additional payment to receive care outside the network. With a Medicare Supplement plan, the network includes all doctors accepting Medicare, which is over 90% of all doctors nationwide, providing you with greater flexibility and the ability to receive treatment elsewhere with full Medicare coverage. There is no need to debate between HMO and PPO plans, as Medicare Supplement offers the clear advantage.

You may assume that Medicare Advantage plans are the only option for obtaining the benefits you are accustomed to from your previous private healthcare plan. While it's true that extra benefits may not be included in Medicare Supplement plans, the benefits included in Advantage plans may not be worth the trade-off. For example, a Flex Card that provides a grocery allowance sounds great, but it may result in spending more money to reach your out-of-pocket maximum (which is not a concern with Plan G) than the amount saved by the card. If you prefer a Medicare Supplement plan and still require dental and vision coverage, there are affordable options for obtaining these benefits outside of Medicare through separate plans that fit your budget. We can assist you in finding the right combination of plans to meet your needs.

Conclusion

To go with your best retirement, you should have the best healthcare as you enter your golden years. We think that for most of our clients, the golden years should start and end with Plan G. Our team of experts at Fair Square can help guide beneficiaries through the minefield that is picking a Medicare plan to fit any combination of healthcare needs and budget.